3841 Ledgestone Ln · Midlothian, TX 76065

$675,000

20 bd · 20.0 ba · 2,100 sqft · MultiFamily public records · 262 Days on market

Built 2007 1.44 ac lot

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Why this score? — see what drove the B- grade

The composite is a weighted blend of 9 inputs, each scored 0–100. Each bar is that input's sub-score; the figure is the points it added to the 100-point composite (weight × sub-score).

• Cash flow +28.8/30.0
• DSCR +10.0/10.0
• 1% rule +8.8/10.0
• ARV discount +7.5/15.0
• Schools +4.8/10.0
• Rent growth +3.6/5.0
• Livability +3.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 4 units. confirmed

Listing remarks MLS

ATTENTION INVESTORS!!! OWNER FINANCING AVAILABLE!!! Looking to add to your portfolio? I've got an incredible opportunity for you. This well-maintained 5-plex offers a total of 3,842 sq. ft., built in 2007, and sits on 1.4 acres in a peaceful, highly desirable location. With four fantastic tenants already in place, this is a true turnkey opportunity. Each unit is slightly different in layout and design, with walls and ceilings constructed of Structural Insulated Panels (SIPs) — providing superior energy efficiency to save on electric bills and excellent sound resistance for quiet, comfortable living. The property features ample parking, a shed, and a 24x48 shop. The majority of the shop has recently been converted to a 5th unit featuring 1 bedroom 1 bathroom kitchen and living room. Part of the shop is being used for an office with it's own separate entrance. Great for a business office There is 100 amp 220 Volt for electric. The 5th unit are not calculated into the rental income already being brought in, so this lease amount would be in ADDITION to the $70,200 per year that is already being brought in. The driveway owned by the neighbor and there is an easement With its prime Midlothian location, peaceful surroundings, and STRONG rental history, this is the investment you’ve been waiting for!

Key facts

• Ample parking
• Energy efficiency
• Turnkey opportunity

Tags

• TURNKEY OPPORTUNITY
• ENERGY EFFICIENCY
• AMPLE PARKING
• STRONG RENTAL HISTORY

What this means for you Summary

Snapshot

• This is a 4 × 5-bed/?-bath units multifamily listed at $675k.

Deal economics

• At list price, monthly cash flow is $2k ($27k/yr) — positive. Per door: $568/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($9k rent vs $675k).
• Recommended offer: $594k (12.0% below list) — sets the bar for market timing.
• Cap rate 10.3% vs local median 3.5% in Midlothian — top-decile yield for the area; either an underpriced asset or a hidden risk that comps aren't pricing in. Stress-test before assuming the spread holds.

Location & tenants

• Location reads 70/100 on livability (#371 in TX) — a middle-class / working-renter tenant base. Strengths: crime A+, employment A+, housing A+; Watch: amenities F, commute F, health & safety F.
• Midlothian ISD (suburban): math 53% / reading 52% proficiency, ranked #94 of 826 in TX (top 11%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: Rents rising fast (+4.3%/yr); 1133 active listings in the ZIP; high-income renter base; 3,016 units permitted in Ellis County in 2024 (20 in 5+ unit buildings).
• At $9,293/mo this rent would consume 87% of the median local household income ($128k/yr) (locally 811% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $5k of loan paydown is wiped out by about $20k of value loss. Plan a longer hold.
• Ellis County population projected at +36% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• At projected returns (-3.0% appreciation + 4.3% rent growth), your $189k cash investment doubles in ~8 years — after that, you're playing with house money.

Negotiation context

• It's been on market 262 days — a 12% lower offer ($594k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Climate carrying-cost: major wind risk, 27% chance of damaging wind over 30y; moderate wildfire risk; extreme-heat days projected 7→25/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $594,000 (12.0% below list)

Questions for the listing agent

1. It's been on market 262 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
4. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. Schools are B-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
7. What's the average days-on-market for RENTAL listings here right now (not sales)? A rising rental-DOM trend means longer vacancies and softer asking-rent achievability than the comps imply.
8. What's the recent tenant-quality profile in this submarket — average credit score on applications, eviction rate, late-payment / NSF rate, and stable-employment percentage? A property-management company in the area should have these aggregated.
9. How much new apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 1.38% ✓
• Cap rate: 10.33%
• Cash-on-cash: 14.42%
• DSCR: 1.64
• GRM: 6.1

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 4.32% rent growth · sell at horizon

5-year hold

• IRR: 6.4%
• Equity multiple: 1.25×
• Total profit: $48,185
• Equity at exit: $100,645

10-year hold

• IRR: 17.0%
• Equity multiple: 2.49×
• Total profit: $282,538
• Equity at exit: $58,362

Cash invested: $189,000 (down + closing). Projections, not guarantees.

Landlord ↔ Tenant lean methodology

• Overall (STATE): 87 Strongly Landlord-Friendly
• State Texas: 87 Strongly Landlord-Friendly · R+5
• County: — inherits STATE
• City: — inherits STATE

3-day notice; statewide preemption; one of the fastest eviction climates; Travis County (Austin) slightly slower.

Methodology + full state rankings →

ZIP-level market 76065

• Home prices YoY: -18.9%
• Rents YoY: 4.3%
• Active inventory: 1133
• Price-to-rent: 24.2×

Monthly cashflow live

• Estimated rent: $9,293 medium
• Mortgage (P&I): −$3,540
• Tax from tax record: −$1,249 /mo · $14,988/yr
• Insurance: −$281
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,952
• Net cashflow: $2,271

Break-even live

Break-even rent $6,418

Max offer price $675,000

Occupancy floor 71%

Sensitivity live

Price	-10% $2,654	-5% $2,463	+0% $2,271	+5% $2,080	+10% $1,889
Rent	-10% $1,537	-5% $1,904	+0% $2,271	+5% $2,639	+10% $3,006
Rate	-1.0pp $2,611	-0.5pp $2,443	base $2,271	+0.5pp $2,097	+1.0pp $1,919

4-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
▸ 4× units	5	—	$9,292
Total (4 units)			$9,293

UW: 25.0% down · 7.5% · 30yr · 1.5% tax · 5.0% vac · 8.0% maint · 8.0% mgmt

Financing live

Cash to close

• Down payment: $168,750
• Closing costs: $20,250
• Reserves months: —
• Total cash needed: —

Listing history 16 events

1. 2026-06-21
   days on market $675,000 Active 262 DOM
2. 2026-06-18
   days on market $675,000 Active 259 DOM
3. 2026-06-17
   days on market $675,000 Active 258 DOM
4. 2026-06-16
   days on market $675,000 Active 257 DOM
5. 2026-06-15
   days on market $675,000 Active 256 DOM
6. 2026-06-13
   pricedays on market $675,000 Active 254 DOM
7. 2026-06-09
   days on market $799,999 Active 250 DOM
8. 2026-06-08
   days on market $799,999 Active 249 DOM
9. 2026-06-07
   days on market $799,999 Active 248 DOM
10. 2026-06-04
    days on market $799,999 Active 245 DOM
11. 2026-06-03
    days on market $799,999 Active 244 DOM
12. 2026-06-02
    days on market $799,999 Active 243 DOM
13. 2026-06-01
    days on market $799,999 Active 242 DOM
14. 2026-05-31
    days on market $799,999 Active 241 DOM
15. 2025-10-01
    listed $799,999 Active 1328-char remark

    Show marketing remark (1328 chars)

    ATTENTION INVESTORS!!! OWNER FINANCING AVAILABLE!!! Looking to add to your portfolio? I've got an incredible opportunity for you. This well-maintained 5-plex offers a total of 3,842 sq. ft., built in 2007, and sits on 1.4 acres in a peaceful, highly desirable location. With four fantastic tenants already in place, this is a true turnkey opportunity. Each unit is slightly different in layout and design, with walls and ceilings constructed of Structural Insulated Panels (SIPs) — providing superior energy efficiency to save on electric bills and excellent sound resistance for quiet, comfortable living. The property features ample parking, a shed, and a 24x48 shop. The majority of the shop has recently been converted to a 5th unit featuring 1 bedroom 1 bathroom kitchen and living room. Part of the shop is being used for an office with it's own separate entrance. Great for a business office There is 100 amp 220 Volt for electric. The 5th unit are not calculated into the rental income already being brought in, so this lease amount would be in ADDITION to the $70,200 per year that is already being brought in. The driveway owned by the neighbor and there is an easement With its prime Midlothian location, peaceful surroundings, and STRONG rental history, this is the investment you’ve been waiting for!

16. 2006-11-13
    soldstatus

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Tax reassessment forecast TX · Resets to sale price

• Current annual tax: $14,988 · $1,249/mo
• Projected year-2 tax: $14,988 · $1,249/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 5/10 Major
• 🌡 Heat 7/10 Severe 7 d/yr ≥109°F today · 25 d/yr by 30 yrs out
• 💨 Wind 6/10 Major 27% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $111,516
• − Mortgage interest: −$37,810
• − Property taxes: −$14,988
• − Insurance: −$3,375
• − Repairs & maintenance: −$8,921
• − Management: −$8,921
• − Depreciation: −$19,636
• Taxable income: $17,864
• Est. tax owed @ 24.0%: −$4,287
• After-tax cash flow: $22,970/yr

For passive investors: Depreciation is non-cash, so a rental often shows a tax loss while cash-flowing — sheltering income. Rental losses are passive: they offset passive income freely, and up to $25,000/yr can offset ordinary (W-2) income if you actively participate and your MAGI is under $100k (phasing out to $0 by $150k); unused losses carry forward. On sale, claimed depreciation is recaptured at up to 25%, and gains may owe capital-gains tax (a 1031 exchange can defer both). Figures are a year-1 estimate at your 24.0% rate — not tax advice; consult a CPA.

Schools (NCES district)

• District: Midlothian ISD
• NCES district ID: 4830600
• Math proficiency: 53% ▼ -7.00%
• Reading proficiency: 52% ▼ -1.00%
• Median HH income: $85,068
• Composite: 48.22/100
• National rank: #2165
• State rank: #94 of 826 in TX

Livability — Midlothian

• Score: 70/100
• State rank: #371
• US rank: #7851

Category grades

Amenities F Commute F Cost of living B+ Crime A+ Employment A+ Housing A+ Health & safety F User ratings A-

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Midlothian, TX
• County: Ellis County · 199,237 people
• City population: 47,438
• Metro: Dallas-Fort Worth-Arlington, TX
• Population (ZIP): 47,438
• Household income: $127,756
• Rent vs Own: 18.3% rent · 81.7% own
• Severe rent burden: 811.0

Population outlook (Ellis County) Hauer SSP2

• Today (2025): 194,556 people
• By 2030: 209,679 · +7.8%
• By 2040: 238,837 · +22.8%
• By 2050: 265,451 · +36.4%
• By 2075: 326,571 · +67.9%
• By 2100: 362,156 · +86.1%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (65%)
• Race & ethnicity: White 65% Hispanic / Latino 20% Two or more races 13% Black 11%
• Hispanic origin (detail): Mexican 15%
• Common ancestry: Lithuanian 2% Italian 2% Romanian 1%
• Foreign-born: 5% · Canada
• Languages at home: 88% English-only · Spanish 10% Other Indo-European 1%

Political lean MEDSL · Ellis

• 2024 margin: Solid R (+31.1) · D 34.0% · R 65.1%
• 2008→2024 swing: +11.2pp toward D · 2008: -42.2pp · 2024: -31.1pp
• All cycles: 2024: R+31.1 2020: R+34.1 2016: R+45.4 2012: R+47.5 2008: R+42.2

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -56.85%
• Current HPI: 243.5953
• Rent YoY: ▲ 4.32%
• Metro: Dallas-Fort Worth-Arlington, TX
• State GDP YoY: ▲ 3.95%
• F500 in state: 110

Industry mix (Fortune 500 HQ in TX)

Industry	F500 HQs	Revenue
▸Energy	16	$1,198B
▸Technology	5	$198B
▸Engineering / Construction	4	$72B
▸Energy Services	3	$60B
▸Utilities	3	$41B
▸Healthcare	2	$330B

Price history

2 events — show timeline

• 2025-10-01 Listed $799,999 NTREIS
• 2006-11-13 Sold (Public Records) — Public Records

Property tax history

+9.4%/yr

Latest (2025): $14,988 · +4.7% YoY. Source: county tax records.